Pain Therapeutics Reports 2016 Financial Results

Published: Feb 17, 2017

AUSTIN, Texas, Feb. 17, 2017 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for the year ended December 31, 2016 and provided an update on recent developments. Net loss in 2016 was $14.9 million, or $0.33 per share, compared to a net loss in 2015 of $14.1 million, or $0.31 per share. Cash and investments were $18.7 million as of December 31, 2016, with no debt. In the first two quarters of 2017, the Company expects its quarterly net cash burn rate will range from $2.0 million to $2.5 million.

Pain Therapeutics recently met with the U.S. Food and Drug Administration (FDA) regarding REMOXY ER (oxycodone extended-release capsules). During this meeting, the FDA and the Company reached agreement on a roadmap to resubmit the New Drug Application (NDA) for REMOXY ER. Details of this meeting, including timelines and additional data to be developed, will be disclosed after minutes of the meeting are issued, which may take up to three weeks.

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